The PS2 games won't look as bad as they did previously, and the text in most games will be visible again. So, if you've got a huge backlog of PS2 games waiting to be played on your shiny PS3, you'll be happy to know that they'll look just about right now.
However, there are a few games that still won't work fine. If you own any PS2 titles that still don't work, you'll just have to wait till Sony fixes the issues in some of the patches to come.
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